Connacher appoints Grant Ukrainetz to the position of Vice President, Corporate Development

    CALGARY, Dec. 5 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX)
announces today the appointment of Mr. Grant Ukrainetz, CA to the position of
Vice President, Corporate Development. Mr. Ukrainetz is presently Treasurer of
Connacher and will retain that position until a replacement is appointed.
    In his new position, he will report directly to the President of the
Company and will be responsible for a variety of activities, including working
with Connacher's financial and operating management in formulating and
administering the company's ongoing development and growth strategy, assisting
in financing activities and developing and administering investor
communication programs.
    Mr. Ukrainetz holds a Bachelor of Commerce degree from the University of
Saskatchewan, which he received with distinction in 1987. He received the CA
designation in 1990. Following employment with a Canadian chartered bank, in
1994 he joined the Canadian subsidiary of a major integrated oil company, with
which company he held various accounting and financial positions until 2001.
Grant was then employed by a large Canadian-based international exploration
and production company, initially as a treasury and risk management analyst
and then as Supervisor, Treasury prior to joining Connacher as Treasurer in
    Mr. Ukrainetz's education, training and experience and more recently his
role as Treasurer of Connacher have provided him with exposure and background
to meet the challenges of his new position.

    Connacher Oil and Gas Limited is a Calgary-based integrated oil company
engaged in oil sands development activity, conventional crude oil and natural
gas exploration, development and production and refining and marketing
activity at its Great Falls, Montana refinery. The company's principal asset
is its extensive holdings in the Great Divide region of Alberta's oil sands,
where it's initial 10,000 bbl/d project at Pod One is approaching the startup
of production. A second 10,000 bbl/d project at Algar is presently before the
regulators for approval. The company recently arranged $852 million of new
financing, comprised of US$600 million of long-term debt, a $200 million five
year revolving credit facility and $52 million of flow-through common equity.
This, along with Connacher's growing cash flow, will enable the company to
conduct a firm and contingent capital program in 2008 approaching
$375 million, including approximately 120 new core holes at its Great Divide
oil sands project, which is anticipated to further expand Connacher's
recoverable reserve and resource base in the region. Subject to regulatory
approval to proceed, funds required to fully construct Algar or Pod Two at
Great Divide are also now in place.

For further information:

For further information: Richard A Gusella, President and Chief
Executive Officer, Connacher Oil and Gas Limited, Phone: (403) 538-6201, Fax:
(403) 538-6225,, Website:

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